“Don’t allow what’s happening right now from a rates perspective to control whether you decide to continue to be in business or not. A lot of people got into the business because it was a quick buck. We had a refi boom and had all these deals. There was so much business out there. As long as you hone in on being a better person and develop the needs and focus on the long-term gain, which is the purchase business. The originators you see now closing deals, it’s because they are relationship-based and they put the work in over the last year. It’s a long game. It’s sad to see people leave the business but it also makes you wonder if they were in the business for the right reasons.”
Giving advice to industry newcomers
His advice to those just now entering the field: “Relationships, consistency and stick to what you know,” he said. “Stay involved with your niche, but also don’t come in and sit behind a desk. Make action items every day. Whether that action item is picking up the phone and calling a previous client to see how they’re doing, or picking up the phone saying: ‘you’re a real estate agent and I see you everywhere, I’d love the opportunity just to meet you. I want to see how you’re winning in this business. I want you to teach me’. You may not get a deal from them, but you’re not doing that for the deal. You want to learn so you can be sharper, better, faster, more efficient and be able to take on more business in the future.”
A deep involvement with AIME
Illustrative of his deep involvement with AIME, Sykes is one of two so-called state captains for his home base of Alabama. As part of an initiative launched earlier this year, state captains are volunteers who are active in their local community and are a driving force for state-level legislative efforts. Community state captains, for their part, are volunteers who are active in their local community and are a driving force for amplifying AIME’s initiatives on social media.
“It’s really to raise awareness, reaching out to state legislators and people who are in charge when it comes to making decisions that directly affect homebuyers. Being a part of that, I love that we’re standing up for the veteran and getting their property taxes waived for them if they’re 100% disabled – that’s huge. It might not seem like a lot, but a retired vet isn’t making a lot of money, so any amount counts. Also, allowing them to get qualified for a house and not making high rent payments anymore.”
As part of a broader AIME effort, Sykes is also helping bring legislative change to mitigate incidences of trigger leads in his state. Trigger leads occur when a borrower applies for a loan, which essentially triggers the drawing of a credit report toward an inquiry. Credit bureaus are then made aware the borrower is searching for a loan and can sell that information to various lenders.
Source: mpamag.com